Taxes Consolidation Act 1997 section 228

Income arising to designated bodies under the Securitisation (Proceeds of Certain Mortgages) Act, 1995

Section 228 exempts from income tax and corporation tax the income arising to a body designated under section 4(1) of the Securitisation (Proceeds of Certain Mortgages) Act 1995.

• A body designated under the Securitisation (Proceeds of Certain Mortgages) Act 1995 is exempt from income tax and corporation tax on its income
• Securitisation involves a lender selling a group of loans to a specially created company, which then has the right to receive income from those loans
• The 1995 Act allows for the creation of a special company, managed by the National Treasury Management Agency, to securitise the income from repayments of local authority housing loans
• The exemption overrides any other provision of the Tax Acts that might otherwise apply to the income of a designated body